HomeMy WebLinkAboutIR 9713 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9713
To the Mayor and Members of the City Council March 17, 2015
,Fasa+r Page 1 of 2
r
i
SUBJECT: JANUARY 2015— SALES TAX UPDATE
Y�p3
Sales tax revenue represents approximately twenty one percent (21%) of the City's General Fund
revenue anticipations in Fiscal Year 2015. This is the second largest revenue source, with property
tax being the largest. In addition, sales tax revenue represents the largest revenue source in the
Crime Control and Prevention District Fund. Staff is committed to providing you regular updates on
this important and sometimes volatile revenue source. The Texas Comptroller's Office posted January
2015 (Fiscal Year 2015, Period 4) collection results on March 11th. Actual receipts are dependent
upon the timeliness and accuracy of sales tax payers' returns. In this report, you will see Fort Worth's
sales tax collection compared to last year and the impact on the current year's budget.
JANUARY NET SALES TAX COLLECTIONS (10—YEAR HISTORY)
FY20D6 FY2007 FY20DB FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
The City's net sales tax collection is up $1,167,132, or 12.9°/x, compared to this month last year. As
depicted in the table below, the City experienced $515,951, or 5.8%, in positive growth when
compared to last year's collections for the same month. Current period collections include only
transactions that occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
January 14 January 15 Variance ($) Variance (%)
Current Period Collections: $8,879,217 $9,395,168 $515,951 5.8% Q
Other Collections: $381,748 $827,650 $445,902 116.8%
Audit Collections: ($146,415) $86,258 $232,674 158.9%
Service Fee: ($182,291) ($206,182) ($23,891) (13.1%)
Retainage: $91,400 $87,897 ($3,504) (3.8%)
Net Collections: $9,023,659 $10,190,791 $1,167,132 12.9%, j
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
11.1% 10.2
7.8% 8.0% 9.1
6.1% 6.9%
b.7
Feb-14 Mar-14 Apr-14 May-14 Jun-a4 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9713
To the Mayor and Members of the City Council March 17, 2015
h�T�i7 Page 2 of 2
�i
�i7 Y
*a SUBJECT: JANUARY 2015 - SALES TAX UPDATE
#qrF rn
10 7'3
CITY OF FORT WORTH BUDGET COMPARISON - FY2015
Adopted Fiscal Year
Budget Projections Variance ($) Variance (%)
CITY OF FORT WORTH
GENERAL FUND $126,013,570 $129,253,449 $3,239,879 2.6%
CRIME CONTROL AND PREVENTION DISTRICT $58,227,401 $61,421,884 $3,194,484 5.5%
MATS TRANSIT AUTHORITY-THE"T" $64,761,746 $64,807,376 $45,630 0.1%
The City anticipates collecting $129,253,449, which exceeds original estimates in the FY2015
adopted budget by 2.6%. As depicted above, the positive results are affecting our partner agencies
as well. While these results are encouraging, staff recommends maintaining a conservative forecast
for FY2015, due to uncertainty with the national economy and potential audit adjustments from the
Comptroller's Office.
The chart below indicates how current year sales tax collections in Fort Worth and other cities in the
region compare to FY2014 collections for the same period.
CITIES COMPARISON
FY2015 vs. FY2014
CITY 1st Quarter Jan YTD
BEDFORD 39.1% 24.2% 35.7%
BURLESON 25.6% 12.1% 22.8%
KELLER 14.6% 11.4% 13.9%
SOUTHLAKE 11.7% 9.7% 11 .3%
HURST 5.1% 35.3% 11 .1%
DALLAS 8.3% 9.5% 8.6%
FORT WORTH 7.4% 12.9% 8.6%
GRAPEVINE 9.9% 3.0% 8.4%
ARLINGTON 9.8% 2.9% 8.1%
WATAUGA 7.1% 7.6% 7.2%
EULESS 4.5% 7.0% 5.1%
GRAND PRAIRIE 5.0% (0.7%) 3.7%
NORTH RICHLAND HILLS 2.0% 8.9% 3.4%
STATE TOTAL 9.3% 11 .2% 9.8%
If you have any questions, please call Aaron Bovos, Chief Financial Officer, at 817-392-8517.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS